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WeWork accepts SoftBank’s bailout plan valuing at $8 billion: Source

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Japan-based SoftBank will take control of WeWork in a bailout plan that will see the office-sharing startup’s co-founder Adam Neumann exit the board, a person close to the matter said Tuesday.

SoftBank, which already holds 29 percent of WeWork, will invest at least USD 5 billion more, the source said.

About USD 1.7 billion will go to Neumann, who will step down.

The deal values WeWork at about USD 8 billion, a far cry from the USD 47 billion at the start of the year and a fraction of the sum envisioned in an initial public offering that was abandoned last month.

Source: ET Realty

(The story has been published from a wire feed without any modifications to the text)

ALSO READ: SoftBank’s WeWork takeover would lead to Adam Neumann’s exit: Sources

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